Sell Or Stay · Homeowners
Sell a small paid-off condo for a $1.8M house, or renovate for $25K?
Both paths work. They solve different problems.
One paid-off 473 sq ft condo in the Annex, estimated at $806K. One path trades it for a house and a mortgage. The other spends $25K and keeps the debt at zero.
Should I sell my paid-off condo for a bigger house, or renovate?
For this example home, a paid-off 473 sq ft one bedroom in the Annex, Bōde estimates a value of $806K. Trading up to a $1.7M to $1.9M house means a new mortgage of about $894K to $1.09M, plus closing costs. A $25K renovation keeps the mortgage at zero. The deciding question is whether the space problem can be solved inside 473 sq ft.
01 The Example Home
A paid-off 473 sq ft one bedroom in the Annex.
The example is a one bedroom, one bathroom condo built in 2024, owned outright. The owner is weighing two moves: sell and buy a house in the $1.7M to $1.9M range, or stay and spend $25K making the space work.
Example home · Bōde Homeowner Dashboard
Annex, Toronto, ON · Condo
$806K Bōde estimate
Range $639K to $1.6M · Updated Oct 2, 2026
1 bed · 1 bath · 473 sq ft · built 2024
Bōde estimates this home at $806K, with a range of $639K to $1.6M. It is an estimate, not a valuation, and it gives the owner a real number to plan both paths from.
02 The Trade-Up Math
The sale price sets the mortgage.
With no mortgage on the condo, the sale price is the equity that goes toward the house. Everything above it becomes a new mortgage.
Path
From you
New mortgage
Sell and buy at $1.7M
$806K from the sale
About $894K
Sell and buy at $1.8M
$806K from the sale
About $994K
Sell and buy at $1.9M
$806K from the sale
About $1.09M
Stay and renovate
$25K
None
Closing costs sit on top of the new mortgage. The largest is land transfer tax. Toronto buyers pay it twice, once to Ontario and once to the city.
$60,950
Land transfer tax on a $1.7M house
$64,950
Land transfer tax on a $1.8M house
$68,950
Land transfer tax on a $1.9M house
Land transfer tax is paid at closing. Paid from the sale proceeds, it adds the same amount to the mortgage, so a $1.8M house means about $1.06M of new borrowing. Legal fees and moving costs come on top.
The down payment is covered. Homes priced at $1.5 million or more need 20% down: $340,000 on $1.7M and $380,000 on $1.9M. The $806K clears that more than twice over. For the rules at every price, see how much down payment you need to buy a home in Canada.
Selling costs come off the sale price. On Bōde, the listing fee is $949 flat plus GST, or 1% capped at $10,000 plus GST, paid only when the home sells.
03 The Renovation
What $25K does in a 2024-built condo.
This unit is new. The kitchen and bath are not worn out, so $25K goes to making 473 sq ft work harder.
Storage
Built-in storage turns unused wall space into room for what now sits on the floor.
Closets
Organized closets hold more in the same footprint.
Layout
A better layout gives each part of the room a clear job.
The limit. A renovation adds no square footage. If the problem is guests, a pet and no spare room, 473 sq ft stays 473 sq ft.
The rules. Check the condo corporation's rules before you start. Changes to layout, plumbing or flooring often need the board's approval.
The test. If the owner would still list this home within a few years, a renovation only delays the decision. If storage and layout make the space work for the long term, the debt-free position is worth keeping.
04 The Next Owner
What it takes to buy this condo.
Selling means someone else buys. Bōde's financing snapshot for Toronto apartment homes shows what a buyer brings to this end of the market.
$547K
Typical price
$115K
Income needed
$109K
Equity at 20% down
$30K
Minimum down
Figures reflect a typical Toronto apartment home, not this specific unit.
At $806K, this example home sits above the typical Toronto apartment price of $547K.
05 Your Home
Three things change the answer for your home.
This is one home. Yours has its own value, its own size and its own building.
Your sale price
Every dollar of sale price is a dollar less of mortgage. A condo that sells for $500K instead of $806K raises the borrowing on a $1.7M to $1.9M house to about $1.2M to $1.4M.
Your square footage
A 600 sq ft unit gives a renovation more to work with than 473 sq ft, and that makes staying and renovating a stronger option.
Your building's age
In a condo built before 2024, the kitchen and bath are older. The $25K then buys visible upgrades that help at resale, not just storage.
Enter your own home in the free Bōde Homeowner Dashboard to see these numbers for your address.
About these numbers
These figures are Bōde data for the example home, a 473 sq ft one bedroom condo built in 2024 in the Annex, Toronto, surfaced by Bōdie, Bōde's AI decision engine built around the home, as of October 2, 2026. When an owner needs a formal valuation for refinancing or legal purposes, Bōde connects them with accredited appraisers. Land transfer tax and down payment figures use published Ontario, Toronto and federal rules.
Drafted with Bōdie, Bōde's AI decision engine built around the home.
Common Questions
Should I sell my paid-off condo to buy a bigger house?
Start with the borrowing. For this example home, a paid-off condo Bōde estimates at $806K, a $1.7M to $1.9M house means a new mortgage of about $894K to $1.09M before closing costs. A $25K renovation keeps the mortgage at zero. Choose the house when the problem is square footage. Choose the renovation when storage and layout solve it.
How much would I borrow to trade an $806K condo for a $1.8M house?
About $994K before closing costs. Land transfer tax in Toronto adds $64,950 on a $1.8M purchase. Paid from the sale proceeds, it brings the new mortgage to about $1.06M.
What can a $25K renovation do in a small condo?
In a newer condo, the kitchen and bath are not worn out, so $25K goes to storage, closets and layout. It makes the space work harder. It adds no square footage.
How much is land transfer tax on a $1.8M house in Toronto?
Toronto buyers pay Ontario land transfer tax and Toronto municipal land transfer tax. On a $1.8M purchase, each is $32,475, for a combined $64,950.
How much down payment does a $1.8M house need?
Homes priced at $1.5 million or more need a minimum down payment of 20%. On a $1.8M purchase, that is $360,000.
This article is educational and is not legal, tax, mortgage, or financial advice. The figures describe one example home and are estimates based on available data, not an appraisal or a formal valuation. Sale prices, mortgage terms, renovation costs and condo rules vary by home, lender and building. Confirm your numbers with your lender, check renovation plans with your condo corporation, and review your decision with a financial advisor and a real estate lawyer. Bōde does not provide legal services.
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